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Can I sell my house to my son for $1?

Kenyans247 / Kenyans247 / General / Properties / Can I sell my house to my son for $1?

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Can I sell my house to my son for $1? by Kenyans247(1): Mon 28, December, 2020 12:07pm
Can you sell your house to your son for a dollar? The short answer is yes. ... The Internal Revenue Service takes the position that you're making a $199,999 gift if you sell for $1 and the home's fair market value is $200,000, even if you sell to your child. 1 You could owe a federal gift tax on that amount.

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